Oppenheimer analyst Chris Kotowski maintained a Buy rating on CIT Group (CIT) yesterday and set a price target of $71. The company’s shares closed yesterday at $53.06, close to its 52-week high of $55.78.
Kotowski said:
“When Ellen Allemany became CIT’s CEO in early 2016, she inherited a mini-financial conglomerate that was part bank, part finance company and a great many seemingly unconnected businesses. These disparate parts include a major global aircraft leasing business, a US reverse-mortgage business and a European rail leasing business, among many others. In March 2016, she announced a strategic plan to turn that mini- conglomerate into a leading, national, middle market bank. In the intervening years, as this restructuring was completed, there was a host of “noteworthy items” every quarter as a host of businesses were being restructured and divested. That restructuring was completed with the 4Q18 sale of the European rail business. the first time in memory had “no noteworthy items.””
According to TipRanks.com, Kotowski is a top 100 analyst with an average return of 12.9% and a 71.8% success rate. Kotowski covers the Financial sector, focusing on stocks such as Apollo Global Management LLC, Fidus Investment Corporation, and BlackRock TCP Capital Corp.
Currently, the analyst consensus on CIT Group is a Moderate Buy with an average price target of $55.60.
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Based on CIT Group’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $91.8 million. In comparison, last year the company had a net profit of $97 million.
Based on the recent corporate insider activity of 89 insiders, corporate insider sentiment is negative on the stock.
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CIT Group, Inc. is a financial holding company, which provides financing, leasing and advisory services. It operates through the following business segments: Commercial Banking, Consumer Banking and Non-Strategic Portfolios Corporate and Other.
